Marcus & Millichap is pleased to offer on an exclusive basis the Magnolia Court, a fully rehabbed 14-unit property located in Stockton, California. The subject property is nestled in the historic Magnolia neighborhood; located a few minutes from Pittman High School and CSU Stanislaus (Stockton). The property was completely remodeled in 2016 with units featuring stainless steel appliances, tile and wood flooring, double pane windows, quartz countertops and maple cabinets complemented by a tastefully updated exterior and new roof. Rents have increased dramatically since the upgrade but are still noticeably below market for the quality of the product.
No exceptions have been made to any existing or prospective tenants. Tenants have gone through full rental reference, employment and credit check, and turned down 30-50 percent of applications. Even with the 30-50 percent rejection rate, there are still no days off market due to the volume of applicants. The tenant profile consists of university employees, students, tech industry, social work, education, casino, and correctional employees.
The Seller has spent over $400,000 on improvements. 70% of the units have been fully remodeled in 2016 and 2017 with exquisite modern finishes top to bottom. Property is beautifully landscaped and remodeled throughout. Each unit includes wood and tile floors, stainless steel appliances, granite counter-tops and maple cabinets.
Please contact listing agent with all questions and inquiries. Please do not disturb tenants. Tours of the interior of the building will be subject to acceptance of an offer by a qualified buyer.
